Binance, one of the world's leading cryptocurrency exchanges, has relaunched its services in Japan after a brief hiatus. The exchange has listed 34 cryptocurrencies for Japanese traders to invest in, including Bitcoin, Ether, Cardano, Dogecoin, and Shiba Inu..jpg)
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The move comes as Japan's Prime Minister, Fumio Kishida, takes a pro-crypto approach to boost job creation and revenue generation in the country. Japan is positioning itself as a hub for Web3 and blockchain projects, aiming to stimulate technological innovation and drive economic growth.
In a formal statement, Binance announced that it had rebranded its licensed local cryptocurrency exchange service provider, Sakura Exchange BitCoin, as Binance Japan. This strategic move allows Binance to offer regulated exchange services in Japan and contribute to the development of the Japanese digital asset market.
Binance's native BNB token has also made its debut in the Japanese market. As of now, the BNB token is trading at around $245 (roughly Rs. 20,200) with a total market cap of $37.7 billion (roughly Rs. 3,11,500 crore).
During the initial phase of its rollout, Binance allows users to deposit funds in the form of the listed cryptocurrencies or Japanese Yen (JPY). Withdrawals in JPY will be available after August 20.
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Binance's decision to re-enter the Japanese market comes at a time when the company is facing scrutiny from regulatory bodies in the United States. The Securities and Exchange Commission has opened probes into the operations of Binance and its rival, Coinbase.
Japan's favorable regulations and support from the government present a promising opportunity for Binance and other crypto exchanges to expand their businesses and tap into the country's growing interest in blockchain technology.
With Binance's re-entry into Japan, cryptocurrency enthusiasts in the country now have access to a wider range of digital assets, further fueling the growth of the crypto market and contributing to Japan's vision of becoming a leading player in the Web3 ecosystem.
